We’ll just keep buying the top forever; every day is a good day to buy bitcoin,” the founder and chairman of MicroStrategy recently told CNBC. “I would have bought Manhat

MicroStrategy stock is trading way above the value of its huge bitcoin stash. That is just the latest example of market valuations that break "the law of one price", writes Heard on the Street's Jonathan Weil.

MicroStrategy shares have gained more than 400% since the start of the year thanks to investor optimism about the software company's strategy of buying bitcoin as the cryptocurrency repeatedly hits record highs.

MicroStrategy Chairman and controlling shareholder Michael Saylor has grand ambitions and is one of the world’s biggest champions of Bitcoin. Now the company is asking shareholders for approval to boost the authorized amount of the company’s class A common shares outstanding to 10.

MicroStrategy (MSTR), the software developer that has made acquiring bitcoin (BTC) a core value, added to its holding for a seventh week in a row. The company bought 5,262 BTC for a total of $561 million in the week ended Dec. 22 to take its total holdings to 444,262 BTC it said.